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CNN reports that home affordability is in a pretty bad situation. The income of a typical American homebuyer rose from $88k in July 2022 to $107k in July 2023. Considering that the median income of someone living in the US is around $75k, this puts homeownership out of reach for many families. Especially those with kids.
Or, to put it simply, if you’re rich(er), you’ll have a far easier time buying property because you have more flexibility. You can outcompete everyone else. “In a still-competitive housing market, more well-off home buyers were able to have their bids accepted by offering larger down payments and even by paying cash,” Jessica Lautz, the deputy chief economics and vice president of research at the National Association of Realtors, said.
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The issue isn’t just big downpayments and mind-melting mortgages, however. There’s also a problem with home supply. The average age of a first-time home buyer in 2023 in the US is 35. That’s down from 36 a year ago, but higher than before. Meanwhile, average repeat home buyers this year are around 58 years of age.
According to CNN, families with young children are having a tougher time affording property. 70% of recent buyers didn’t have kids who were under 18 years old in the home. Compare that to way back in 1985 when only 42% of home buyers didn’t have kids under that age in the home.
Another trend that we’re seeing is that remote workers are more willing to move to find affordable properties.
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Moved into a new home and im fully renovating. We dont have as much room so we decided to put a false wall under the stairs, cut a square hole and use a gate as a door.
Cost me a bit of trim, some wood and some boarding, probably £50-£80. Yet saves me the massive space the dog crate took up!
When it comes to upgrading your home, learning some basic DIY skills is your best bet. There are plenty of free tutorials on the internet and on YouTube for whatever small project you have in mind.
In some cases, however, your home might be in a bad state, and you may need a handyman’s help. That might up the cost of your upgrade, though. What you’re paying for is experience, speed, and the ability to be creative in complex situations. But in order to get someone who doesn’t cut corners, you should look at their previous work and check out recommends them. If they’re reliable, they’ll have a good reputation. And they might even give some tips on what else you can do at home by yourself.
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